Bye Bye Gold Nonsense

[specific_name]

When you look at the major currencies and the major problems facing them - the dollar, euro and yen especially, it's unsurprising that there's a flight to quality (among those who can afford to do so). I don't think this is a bubble, but instead a result of uncertainty and worry.

[specific_name]

Considering that the problems of the Eurozone and the US seem to be going nowhere, likely getting worse - and more and more people are realizing this, I don't see why a safe haven for the wealthy like Gold wouldn't continue to rise for some time. Other havens like the Franc are also breaking records. If these factors were absent and other precious metals were staying flat, gold would be a clear speculative bubble. However, it's not and the point at which it may become one can't really be delineated with precision. The world's de facto reserve currency is in a state that makes a conclusion difficult to reach. Looking at Gold against other currencies for the past few years would probably be the best way to draw something reasonable out of the hype.

I'm failing to see why most of my fellows on the left aren't acknowledging these conditions - if it stems from a misguided defense of Obama's early "Keynesianism" (which it really wasn't), that argument should be dead in the water now that our first steps toward national Austerity are being made.